Lumentum Holdings Inc. (NASDAQ:LITE – Get Free Report) CFO Wajid Ali sold 2,487 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $953.95, for a total value of $2,372,473.65. Following the sale, the chief financial officer owned 60,951 shares in the company, valued at $58,144,206.45. The trade was a 3.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Wajid Ali also recently made the following trade(s):
- On Friday, February 27th, Wajid Ali sold 5,302 shares of Lumentum stock. The stock was sold at an average price of $691.13, for a total value of $3,664,371.26.
Lumentum Stock Up 0.6%
LITE traded up $5.11 on Tuesday, hitting $890.09. 5,011,549 shares of the company were exchanged, compared to its average volume of 6,230,191. Lumentum Holdings Inc. has a 12 month low of $71.04 and a 12 month high of $1,085.68. The company has a market cap of $69.25 billion, a PE ratio of 164.83 and a beta of 1.53. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.97 and a current ratio of 1.14. The stock’s fifty day moving average is $821.27 and its 200-day moving average is $547.23.
Analysts Set New Price Targets
LITE has been the topic of several research analyst reports. Citigroup upped their price objective on Lumentum from $800.00 to $1,100.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Craig Hallum upped their price objective on Lumentum from $900.00 to $1,150.00 in a research note on Wednesday, May 6th. TD Cowen upped their price objective on Lumentum from $875.00 to $995.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Loop Capital upped their price objective on Lumentum from $900.00 to $1,400.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, Zacks Research upgraded Lumentum from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,012.43.
Read Our Latest Report on Lumentum
Trending Headlines about Lumentum
Here are the key news stories impacting Lumentum this week:
- Positive Sentiment: Lumentum was added to the Nasdaq-100, which can drive buying from index funds and ETFs and improve the stock’s visibility with institutional investors. Lumentum (LITE) Joins Nasdaq-100 Index
- Positive Sentiment: Broker-rating upgrades cited Lumentum as a stock worth watching, reinforcing the bullish view that demand tied to AI infrastructure remains a long-term tailwind. 3 Stocks Backed By Broker Rating Upgrades Worth Betting On
- Neutral Sentiment: Lumentum presented at JPMorgan’s Global Technology, Media and Communications Conference, but no major new financial guidance or surprises were highlighted in the article. Lumentum Holdings Inc. (LITE) Presents at J.P. Morgan Conference Transcript
- Neutral Sentiment: NVIDIA’s latest portfolio filing was discussed in relation to Lumentum, but the piece did not indicate a direct material change in Lumentum’s fundamentals. A Deep Dive Into NVIDIA’s Latest Portfolio Moves (LITE)
- Negative Sentiment: Shares of Lumentum and other AI optics names fell as investors took profits across the sector after a strong run. Applied Optoelectronics Slumps 10%, Lumentum Dives 9%, Coherent Drops 6% as AI Optics Profit-Takers Strike
- Negative Sentiment: A prominent AI investor reportedly exited stakes in Lumentum, adding to pressure on sentiment around the stock. Lumentum, Coherent Drop After Prominent AI Investor Sells Stakes
- Negative Sentiment: Three insiders, including the CFO, SVP, and another executive, sold shares under pre-arranged 10b5-1 plans to cover tax withholding tied to equity vesting, which can weigh on short-term sentiment even if the sales were routine. SEC filing for Wajid Ali sale
Institutional Trading of Lumentum
Several institutional investors and hedge funds have recently bought and sold shares of LITE. Hilton Head Capital Partners LLC bought a new position in shares of Lumentum during the first quarter worth approximately $25,000. Sachetta LLC increased its stake in shares of Lumentum by 118.8% during the first quarter. Sachetta LLC now owns 35 shares of the technology company’s stock worth $25,000 after purchasing an additional 19 shares during the period. Wiser Advisor Group LLC increased its stake in shares of Lumentum by 6,000.0% during the first quarter. Wiser Advisor Group LLC now owns 61 shares of the technology company’s stock worth $43,000 after purchasing an additional 60 shares during the period. SJS Investment Consulting Inc. increased its stake in shares of Lumentum by 687.5% during the first quarter. SJS Investment Consulting Inc. now owns 63 shares of the technology company’s stock worth $44,000 after purchasing an additional 55 shares during the period. Finally, Truvestments Capital LLC increased its stake in shares of Lumentum by 300.0% during the fourth quarter. Truvestments Capital LLC now owns 76 shares of the technology company’s stock worth $28,000 after purchasing an additional 57 shares during the period. Institutional investors own 94.05% of the company’s stock.
About Lumentum
Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.
Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.
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